TASK Group Holdings - Court Approves Acquisition by PAR Technology - 10 July 2024
TASK GROUP HOLDINGS LIMITED (TSK) Share Update July 2024 Wednesday 10th
TASK Group Holdings Announces Court Approval for Acquisition by PAR Technology
TASK Group Holdings Limited (ASX:TSK) has announced that the Supreme Court of New South Wales has approved the scheme of arrangement for its acquisition by PAR Technology Corporation. This marks a significant milestone in the acquisition process.
Instant Summary:
- Supreme Court of New South Wales approves the scheme of arrangement.
- PAR Technology Corporation to acquire 100% of TASK Group Holdings' issued shares.
- Trading in TASK's shares will be suspended from the close of trading today.
- TASK shareholders to receive scheme consideration on 19 July 2024.
Approval and Next Steps
The Supreme Court of New South Wales has approved the scheme of arrangement under which PAR Technology Corporation, through its subsidiary PAR Global Australia Pty Ltd, will acquire all issued shares of TASK Group Holdings Limited. This approval was granted following a hearing on 9 July 2024.
An office copy of the court orders has been lodged with the Australian Securities and Investments Commission (ASIC), making the scheme legally effective. As a result, trading in TASK's shares will be suspended from the close of trading today.
Scheme Implementation
On the implementation date, 19 July 2024, TASK shareholders will receive the scheme consideration they are entitled to, based on their election made by the scheme record date, 12 July 2024. This consideration will be distributed in accordance with the terms of the scheme.
Further Information
For any questions regarding the scheme, shareholders can contact the Shareholder Information Line. The lines are open Monday to Friday, excluding public holidays, from 8:30 am to 5:00 pm Sydney time.
This acquisition is expected to have a positive impact on TASK's stock value in the short term due to the premium typically paid in such acquisitions. For PAR Technology, this acquisition enhances its portfolio and market presence in the technology solutions sector, particularly in hospitality.
Investor Reaction:
Investors and analysts have reacted positively to the news, citing the strategic fit and potential synergies between TASK and PAR Technology. Some investors are optimistic about the enhanced market position and operational efficiencies that the combined entity could achieve.
Conclusion:
Investors should stay tuned for the implementation of the scheme on 19 July 2024 and consider the long-term potential of the combined entity. This acquisition could provide significant value and growth opportunities for both TASK and PAR Technology.